Moscovici: Greece must press on with reforms to boost confidence

Greece must push on with the implementation of crucial reforms to stabilize its economy and return to growth and broad political consensus will help the effort, the European Union's Economics Commissioner Pierre Moscovici told a conference on Friday.

"Crucial reforms must be done now, the cost and challenges will be bigger in the future," the commissioner said in a video message. "A broad political consensus would increase the probability of success and would reduce uncertainty."

Athens is keen to conclude the first review of its performance on implementing reforms prescribed in its third bailout, clinched in August last year. But a key element – the overhaul of its ailing pension system remains a snag.

Moscovici said that measures taken by the leftist-led government since August have been encouraging and a fast completion of the review would boost confidence and pave the way to ease capital controls that were imposed in late June.

He said the migration crisis afflicting the EU is a challenge for all the bloc's members and requires a coordinated European solution. [Reuters]